Bankers will be subjected to strict rules on bonuses after an agreement hammered out by Alistair Darling. Photograph: Clive Gee/PA

Britain's five biggest banks have agreed to publish the total pay of their most important staff and spread bonus payments over three years, following an agreement hammered out today with Alistair Darling aimed at stopping excessive deals.

The agreement was reached after the chancellor summoned the directors responsible for setting bank pay to a meeting to demand they accept the principles on bonuses set out by the G20 at the Pittsburgh summit last week.

But despite agreeing to the principles – which prevent guaranteed bonuses of more than one year and allow "claw back" on bonuses paid out on performance that has turned sour – the banks are not restricting the size of the bonus pools they distribute later this year.

Nor does the agreement outline any promise to name the 20 highest earners at banks, the move suggested by the City minister, Lord Myners. But it does require banks to publish an annual report on compensation and a total figure for the pay of senior executives and those who have a "material impact" on the risks taken by the institutions.

The banks also appear to have signed up to a pledge not to pay bonuses unless they have enough capital to keep running their businesses.

But much of what they signed up to today is already in the Financial Services Authority's new code on pay, which comes into force on 1 January next year.

Shadow chancellor George Osborne said: "We have always said that the ideal approach to the bonus issue is the international one. However the proof will be in the pudding when we see the scale of the bonuses that are paid out at the end of this year.

"We are clear that taxpayer support and guarantees should be used to build up bank balance sheets, not the bank accounts of bankers."

Barely a year since the banking crisis forced the government to pump billions of pounds into the system to shore up the sector, the investment banking divisions of many firms are experiencing record years and are on track for record bonus payouts.

The chancellor, who told the Labour party conference on Monday he would legislate to curb bonuses, wanted to persuade the banks to implement the G20 principles now and not wait until next year.

He also wanted to attend tomorrow's informal meeting of European finance ministers in Gothenburg with an outline of his agreement with the banks, allowing him to be the first major finance leader to secure a clampdown.

Darling told the BBC he wanted to end "excessive" payments. "I hope that we cannot only change the way in which bonuses are paid, we can perhaps begin to change the whole culture and get things back on an even keel again," he said.

Christine Lagarde, the French finance minister who has taken a harder line on bonuses than Darling, is believed to be holding a meeting with French banks tomorrow .

While Darling has held regular meetings with bank bosses, those at today's meeting were primarily the non-executive directors who chair the remuneration committees. It is thought that Sir Mark Moody-Stuart represented HSBC, Sir Richard Broadbent represented Barclays, Wolfgang Berndt represented Lloyds Banking Group and that Royal Bank of Scotland was represented by its HR director, Neil Roden.

Darling met the banks along with Lord Turner and Hector Sants, chairman and chief executive respectively of the FSA.

Even though it did not attend the meeting, Standard Chartered, listed in London but with its major businesses overseas, has also agreed to the changes. Santander, which owns Abbey, is not immediately included as it is based in Spain. The government will now try to get the agreement of other UK and international banks – some of the City's biggest bonus payers.

In a rare joint statement, the five banks pledged to work with the FSA in adopting pay reforms. "In a competitive and international business it is right to make sure that our staff are appropriately and competitively rewarded for sustainable, long-term performance," the banks said.

Between 40% and 60% of a top executive's bonus will need to be deferred over three years and at least 50% of the bonus will need to be paid in shares.